With plenty of new housing estates popping up in Leicester, Market Harborough and Loughborough, home buyers in the Leicestershire are best placed to decide whether they should opt for a new build home or an older property.
To accommodate the demand for property in Leicestershire and the county’s growing population, officials suggested last year that more than 180,000 new homes will need to be built across Leicestershire by 2050. As a county rich in history, there is no shortage of historic charming older properties, either.
In this post, we look at things to consider if you are favouring a move to a new build property or one built at least within the last five years.
Certainly in the first few years of living in the property, repairs and redecoration costs should be small. Everything in the house will be brand new or relatively so if you are the second owner. Thus, there is no need to add any renovations to your budget.
Building regulations also mean that new builds must be built to a high standard and have a ten year structural warranty from organisations such as the National House Building Council.
As we just mentioned, because new build homes are built to a higher standard, they adhere to energy efficiency standards. This means that in the long term, energy costs will generally be lower than living in an older property. Of course, older homes can be renovated to improve their energy efficiency but this often comes at a cost.
When buying a house from a homeowner, there is likely to be a chain. This, in some scenarios, can cause delays and problems. Because the house is completely new, there is no onward chain and you are able to move straight in as soon as it is built.
It should come as no surprise that for the all of these benefits, new homes are priced higher than an older home of equivalent size. Depending on the area, new build houses can cost anywhere up to 20 per cent higher than a similar, older built property. And, similar to if you were to buy a brand new car, a new build house will likely depreciate in value the minute you get the keys. If you will sell within a year or two, there is no guarantee the property will hold its value in the short term.
But for this, you will be able to put your own stamp on the property. Some developers give buyers the option to personalise the process with colour schemes, fixtures and fittings. So, which is better, an old or new-build house? We delve a little deeper into the benefits of each in this blog post.
Whatever style property you are looking for in Leicestershire, Andrew Granger & Co can help. With over 25 years of experience, we appreciate how important a decision buying a new home is, so our team will listen to your needs. Contact one of our three branches using the telephone numbers below:
Leicester: 0116 242 9922
Market Harborough: 01858 431 315
Loughborough: 01509 235 534